Right. The Vǫluspá is the spá (prophecy) of a Vǫlva (seeress). Odin summons her up and has her relate the prehistory and future of the gods, starting with the conflict between the Æsir and the Vanir, all the way to the slaying of Baldr through Loki's treachery. It all ends up in an eschatalogical fury and a pseudo-Christian ending that feels a bit tacked on.
One part which probably won't be on the test, so to speak, is an interminable Catalogue of Dwarves. Some translators just leave the whole thing out, claiming it's a latter interprolation. One thing is clear: it's clearly inspired some of the more insipid moments in Lord of the Rings. I think I'm going to work on a party game called "Tolkein or B-Roll Poetic Edda?" :
Fili, Kili, Fundin, Nali, Hepti, Vili, Hanar, Svior, Billing, Bruni, Bild, Búri, Frár, Hornbori, Fræg and Lóni, Aurvang, Iari, Eikinskialdi.
Throughout the text the Seeress utters the ominous refrain: Vituð ér enn eða hvat? She seems to be taunting the gods assembled to hear her story, repeating that line over and over as the tale grows darker and darker and moves towards the end of the world. The phrase gets translated a whole bunch of different ways. Just looking at it I would say "Would you know still more, or what?" But various (professional) translators render it as all sorts of things, including:
Another refrain is Fjöld veit hon frœða, fram sé ek lengra. I would guess "She knows much of learning, I see far forward." There is definately a shift in person (from hon, she, to ek, I) in this refrain. Not entirely uncommon and perhaps just used for dramatic effect. We're pretty sure the Seeress is referring to herself in both cases. Interesting then how some keep that shift and some obscure it: